Miami Dolphin owner Joe Robbie has put up his team, its NFL franchise rights and even the players' equipment as collateral for a loan, financial records reveal.
The amount and purpose of the loan are not specified in the public documents filed by CenTrust Savings Bank of Miami. A spokesmen for the Dolphins also refused to reveal the amount or purpose of the loan.
"It's nothing new that the Miami Dolphins are co-venturing with banks to do business," Dolphin spokesman Joe Abrell told The Miami News.
Abrell wouldn't say whether the money will be used to help finance the $100 million Dolphins Stadium Robbie is building in northern Dade County.